What Is Defined Benefit Retirement Plan?

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   David RacichPRO

   Fountain Hills, Arizona

   A defined benefit pension plan is an employer/sponsor pension plan which promises a specified monthly benefit on retirement based on the employee's earnings, years of service and age. The public sector uses defined benefit plans, whereas the private sector uses defined contribution plans. The investment performance can vary and cause plan deficits in protracted down years of the market. Hopefully market gains out pace market losses.
    

   Answered on June 22, 2013

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